This post shares some informative and insightful points from a talk Dr. Ken Dychtwald gave during the 2015 Aging in America Conference. His talk was last March and titled – Maturity Re-Imagined. It brings out points to think about on living the rest of your life.
Related to living longer and getting older, the month of May is celebrated each year as Older American Month. I especially like this year’s theme. Get into the Act. It’s focus is to increase awareness and encourage individuals to get more involved and to take action on their health.
The federal Department of Health and Human Services has a web site page on the Older American Month. Part of its statement on the program’s History is shown here:
When Older Americans Month was established in 1963, only 17 million living Americans had reached their 65th birthday. About a third of older Americans lived in poverty and there were few programs to meet their needs. Interest in older Americans and their concerns was growing. A meeting in April 1963 between President John F. Kennedy and members of the National Council of Senior Citizens led to designating May as “Senior Citizens Month,” the prelude to “Older Americans Month.”
Now back to some thoughts on Dr. Dychtwald’s talk. A video of his talk at the American Society on Aging conference can be found here. It’s a little over 40 minutes and for anyone interested in getting older it will really be worth your time.
Dr. Dychtwald strongly recommends a need for new thinking on maturing and reviews, during his talk, the need for new ways to think about the areas of – Health – Family – Work – Leisure – Home – Finance – Purpose.
One key point in the talk, which was of interest to me, is the need to focus more on people being Interdependent. Much of our education and thinking has been on the importance of being Independent. In other words we should be doing things together vs on our own.
Many people plan for upcoming events in their lives. Most however, don’t plan for a significant event – not being able to care for themselves!Posted: September 28, 2014
Even though most don’t make preparations taking steps to plan for the kind of help you would like is important. What to do? The most effective approach is to buy what is best called “Long Term Health insurance”. Taking this action today will not stop health problems from developing but does mean you can gain:
- A lower cost: Premiums for this important insurance are based on your age the day you enroll, your health situation, and the level of benefits you select. Premiums can be three times higher at age 70 than when you are 50 so buying early is important.
- More benefits: Waiting to age 55 means you would have to buy an initial benefit pool of over $400,000 to achieve the same protection as someone who bought an initial pool of $250,000 at age 45. How? The 45 year old’s plan included the 5% compound inflation option. Waiting to 55 also means your premium for this initial pool of money will be higher! Why? You are 10 years older. IOW a dollar buys more benefits the younger you are.
- A good health discount: A study by the American Association for Long Term Care Insurance (AALTCI), a professional association I’m actively involved in, reports 53.9% of people between 40 and 49 qualify for a good health discount. Between 50 to 59 it drops to 44.2% – 60 to 69 it’s 31.9% – 70 to 79 it’s only 18.8%.
- A better chance of being accepted: Another AALTCI study found up to 33% of individuals 60 to 69 did not qualify for this “protection for your finances” because they had health problems. 13.9% of individuals 50 to 59 were declined in this study of 10 leading long term care insurance companies.
Buying “Long Term Health insurance” also means you won’t become a burden on family having used up income, your nest egg, and becoming poor.
Live in Connecticut? You can learn more about why owning Long Term Care insurance is better than following a plan of “I’ll wait and see” – www.LongTermCareIns-CT.com
Contact John C Parker<RHU, LTCP if questions – (860) 739-0005
The way people think about aging today is different from the past. People who are now close to 70 think of themselves like someone who was 50 say 25 years ago.
What about the future? Some answers can be found in this eight minute video, recorded in early March by Ken Dychtwald, PhD President of Age Wave, provides though provoking points on aging. It was made during the 2014 American Society of Aging Annual Conference.
In listening to his thoughts about what an ever expanding life span means it is important to think about:
- Where do you want to be if help is needed and what would you like to happen?
- Do you want to receive assistance at home so you can maintain as much independence as possible?
- What would your family do? Could one change what they are now doing to come help? Who could?
- Do you have a pile of money put aside to pay very expensive help and avoid becoming poor? Would family members help you pay?
Some certainty, in what you would like to happen, can be gained when action is taken to buy Long Term Care insurance (LTCi).
Interested in other aging related information?
● Ken Dychtwald’s thoughts about retirement are highlighted in this video made during ASA’s 2013 annual conference.
● Points are brought out in these early April charts on “How Americans Die” from Bloomberg Visual.
Call John C Parker today on Google Voice at 860.451.9793 if any questions on how Long Term Care insurance is an important part of planning for aging.